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FRASCATI, Italy (Reuters) - The European Central Bank launched on Friday a new system aimed at letting banks settle payments instantly across Europe, helping them compete with PayPal and other global tech giants. The PayPal and Androin Pay apps are seen on a mobile phone in this illustration photo October 16, 2017. REUTERS/Thomas White/Illustration Developed in just over a year, the ECB’s TARGET Instant Payment Settlement (TIPS) system will let people and companies in Europe transfer euros to each other within seconds and regardless of the opening hours of their local bank. U.S. firms such as PayPal, Google, Facebook and Amazon, or China’s Alibaba and Tencent currently dominate such services in the European market. This has been a source of concern for European policymakers in recent months following a string of cyber attacks on financial infrastructure and fractious economic and diplomatic ties with U.S. President Donald Trump. So far, however, just eight … [Read more...] about ECB takes on PayPal with instant payment system

FRANKFURT (Reuters) - The European Central bank has no plan to issue a digital currency because the underlying technology is still fragile and the use of physical cash still high in the euro zone, the ECB president said on Friday. European Central Bank (ECB) President Mario Draghi speaks during the news conference in Frankfurt, Germany July 26, 2018. REUTERS/Kai Pfaffenbach The sudden proliferation of cryptocurrencies such as Bitcoin, essentially a privately created online token, has sparked a global debate over whether central banks should also launch their own digital money. This would give holders a direct claim on the central bank, bypassing the banking system and potentially revolutionizing the way monetary policy is carried out. Sweden’s Riksbank is exploring whether to issue an electronic version of its currency, called e-krona, to respond to the dwindling use of banknotes and a rise in electronic payments in that country. But ECB President Mario Draghi said … [Read more...] about ECB has no plan to issue digital currency: Draghi

FRANKFURT (Reuters) - Rapid technological advances cut inflation only marginally and temporarily, Bundesbank President Jens Weidmann said on Monday, weighing in on one of the biggest debates in modern central banking. FILE PHOTO: Germany's Bundesbank President Jens Weidmann speaks in Berlin, Germany, August 23, 2018. REUTERS/Hannibal Hanschke With much of the industrialized world struggling with anemic inflation levels, some economists argue that rapid technological development keeps a lid on prices, forcing central banks to exhaust their firepower fighting an economic paradigm shift, and leaving them with few tools for the next downturn. But Weidmann, a powerful voice on the European Central Bank’s rate-setting Governing Council, argued that a deep economic crisis a decade ago and the slowness of the recovery are the main culprits - not the start of the digital age. “The inflation dampening effect of digitalization is likely to been rather small so far,” … [Read more...] about Digital revolution has only small impact on inflation: ECB’s Weidmann

FRANKFURT (Reuters) - The European Central Bank has designed a new test simulating cyber attacks on banks, stock exchanges and other firms that are critical for the functioning of the financial system, it said on Wednesday. The logo of the European Central Bank (ECB) is pictured outside its headquarters in Frankfurt, Germany, April 26, 2018. REUTERS/Kai Pfaffenbach The move follows a string of heists and attacks by hackers on lenders and central banks over the past two years, including one that disrupted online and mobile services at the Netherlands’ three top banks earlier this year. The ECB’s initiative aims to create a single framework for testing the cyber-resilience of financial firms in the European Union. The framework envisages, among other tools, “red teams” (RTs) of external hackers hired to find and exploit vulnerabilities in the companies being tested, a technique derived from the military world and widely used in the private sector. … [Read more...] about ECB designs cyber attack simulation for financial firms

Surrey coach Michael Di Venuto has opened the door to signing the Australian cricketers banned following the ball-tampering scandal. Steve Smith and David Warner were each suspended from playing for their country, plus domestic cricket in Australia, for 12 months in light of the ploy. Cameron Bancroft was hit with a nine-month ban, but they don't stretch to county cricket and it would be up to the ECB whether or not to ratify their inclusion in any squad. The trio can play club cricket in Australia but not in the Sheffield Shield, the first-class competition Down Under, or the Big Bash T20 tournament. Warner and Smith, who were vice-captain and captain respectively at the time of the incident, also saw their IPL contracts revoked. Surrey have a quota spot available after Aussie all-rounder Mitchell Marsh was ruled out for the majority of the English summer following ankle surgery. Dean Elgar will play for the county in April and May leaving another overseas spot for the second half … [Read more...] about Surrey coach opens door to signing banned Aussie cricketers